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The Australian Prudential Regulation Authority (APRA) has initiated action against a former executive director of the Queensland Retail Traders and Shopkeepers Association (QRTSA) over alleged victimisation of superannuation trustees.
The regulator announced this week that Ian Frank Baldock had been committed to stand trial on two charges of victimisation laid under section 68 of the Superannuation Industry (Supervision) Act, which makes it an offence for a person to commit an act of victimisation against a responsible officer of a corporate trustee of an employer sponsored superannuation fund.
The Brisbane Magistrates Court has been told that it will be alleged Baldock victimised two trustee directors of a superannuation fund linked to the QRTSA and that he caused both individuals — a QRTSA employee and the auditor of the QRTSA — to suffer a financial detriment by terminating their employment for simply carrying out their obligations.
The fund involved was named as the Australian Enterprise Superannuation Fund, which at the time had assets of approximately $90 million and 21,000 members.
APRA took action to protect the interests of members of the fund last year.
